Certain solutions carry a high level of danger, but others don’t. FD is a part of the risk-free, safe investing option. A fixed interest rate is made available to the public under FD. The RBI has now made a significant pronouncement regarding FD. The people will also receive an important facility through this.
RBI
According to the Reserve Bank of India (RBI), banks would need to offer early withdrawal options for all FDs worth up to Rs 1 crore. This cap is currently set at Rs 15 lakh. In a circular, the Reserve Bank stated that following examination, it has been determined that the non-withdrawable minimum fund level can be raised from Rs 15 lakh to Rs 1 crore.
FDÂ
In addition, banks are now able to provide varying interest rates based on the size and term of FDs in accordance with current regulations; premature withdrawal is not a possibility. All commercial banks and cooperative banks must immediately comply with these guidelines. The RBI announced in a different circular that Regional Rural Banks (RRBs) now have a Rs 1 crore and higher “bulk deposit” limit instead of the previous Rs 15 lakh.
Details about customer credit
In addition, the RBI said that Credit Information Companies (CIC) will have to compensate themselves for each day that their clients’ credit information is incorrectly delayed by Rs 100. Six months have been allocated to credit information companies (CIC) and credit institutions (CI) for the purpose of implementing the new system.
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